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September 3, 2008

Construction spending drops 0.6% in July

  • Non-residential construction suffers its first setback since December. Housing continues its slide.
    • By MARTIN CRUTSINGER
    AP Economics Writer

    WASHINGTON — Construction spending took a bigger-than-expected tumble in July as housing activity dropped to the lowest level in seven years and nonresidential activity fell for the first time in seven months.

    The Commerce Department reported Tuesday that construction spending declined 0.6 percent in July, double the 0.3 percent decrease analysts had been expecting.


     
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